Women Face Unique Challenges in Retirement Planning

Although
women capably manage daily finances and family budgeting issues, they are less likely
to be involved in the bigger financial picture,
said Lara Hinz, WISER’s director of programs. Hinz was a speaker at a panel
Monday for National Retirement Planning Week.

She cited several factors that intensify women’s needs regarding retirement planning, including their longer lifespan, generally lower savings, and greater number of years
living alone when compared with men; their years spent as primary caregivers to
children, which reduced their work hours over a career; and their general lack
of preparedness regarding “the big picture” of financial planning
despite their lifetime of involvement with household finances.

Hinz added that there is still
insufficient understanding of the consequences of living past age 85, which
women are four times more likely to do than men.

But Hinz emphasized that just learning the
basics was enough to give women more confidence to have financial planning discussions
with their employer’s human resources department or with their family.

“It’s never
too late, despite how overwhelming it can feel,” Hinz said.

The WISER site offers visitors online
tools and a calculator; links to financial articles of interest to women; a checklist
of phrases and promises to be weary of; and articles that also help men, including “10 Ways that
Boomer Women (and Men) Can Save Themselves from Retirement Shortfalls.”

WISER
is a nonprofit organization that seeks to improve the opportunities for women
to secure retirement income, and to educate the public about the inequities
to women in retirement.